Billions of dollars have fluid to the point of the American list Bitcoin
The funds quoted in exchange (ETF) in recent weeks, since the cryptocurrency marked a strong recovery rally from $ 75,000 to $ 100,000.
Most of the investment is probably driven by stated and daring directional bets in bold instead of neutral arbitration games in the market, it suggests a data analysis.
The 11 ETF Spot obtained $ 2.97 billion in investor money in April, with $ 2.64 billion that flows so far this month, according to the Sosovalue data source. That has increased net ticket from the beginning in January 2024 to more than $ 41 billion.
Historically, institutions have used these ETFs to establish non -directional arbitration plays to benefit from price discrepancies between futures and Bitcoin Spot markets. The call and transport arbitration implies buying ETF while simultaneously selling CME futures to pocket the futures premium while avoiding the risks of prices management.
But tickets since the beginning of April seem to be driven by bullish directional bets, not arbitration plays. This is reflected in the merchant commitment report (COT) published by the Basic Products Trade Commerce Commission (CFTC) every week.
The data show that the leveraged funds, typically coverage funds and various types of money administrators, including trade advisors of registered basic products, have cut their net shorts to 14,139 contracts of 17,141 contracts in early April, according to data traced by Tradingster.
The number of shorts would have increased if transport operations had mainly conducted net inputs.
“CFTC data shows that the leverage funds did not significantly increase the short positions, indicating that most of the flows were directional bets, not arbitration,” Imran Lakha, founder of Insight options, in a blog post published in Deched.
The change in the nature of the entrances in the ETF suggests that the great players are increasingly using the ETFs to express a clear market perspective in the future direction of Bitcoin.
Bitcoin changed his hands for the last time to $ 102,700 at the time of the publication, according to Coindesk data.
